Conservatives Call for Prime Minister Carney to Liquidate Blind Trust Assets

The Conservative Party is pressing Prime Minister Mark Carney to divest all assets in his blind trust to prevent any possible conflicts of interest. Carney established this blind trust shortly after becoming Prime Minister in March, with the operational details of the trust being disclosed publicly last Friday. These details reveal that the Prime Minister instituted measures designed to shield himself from potential conflicts related to his past connections with Brookfield Asset Management and Stripe Inc. However, Conservative Leader Pierre Poilievre insists that these safeguards are inadequate.

At a press conference, Poilievre stated that Carney was aware of the contents of his trust during the divestment process and argued that this knowledge might allow him to benefit from decisions affecting the broad investments of Brookfield and Stripe. He emphasized the need for a more transparent approach, suggesting that Carney should convert his investments into cash and entrust them to a neutral party who could manage the assets in a manner completely disconnected from Carney’s awareness. According to Poilievre, this approach aligns with the true definition of a blind trust.

The ethics commissioner also disclosed a list of shares and assets Carney held prior to the formation of the blind trust, which included interests in various companies such as the payment processor Stripe, as well as options and deferred shares in Brookfield Corporation and Brookfield Asset Management. Notably, Carney previously held significant roles within these companies before he embarked on his political career.

Poilievre raised concerns that Carney would be preoccupied by his personal investments while overseeing governmental responsibilities, especially given that the Liberal government’s emphasis on policies like heat pumps and modular housing intersects with Brookfield's business interests. He announced that the Conservatives plan to advocate for legal amendments that would mandate the sale of assets in a fashion similar to what he proposes for Carney, thereby establishing stricter ethical standards for public officeholders.

In response to the allegations, a representative from the Prime Minister's Office clarified that Carney had engaged with the ethics commissioner to surpass current regulations when establishing the blind trust. They claimed that most of Carney’s divested assets are managed by a third-party service, which Carney does not control or influence regarding specific investment choices.

Carney’s ethical oversight is managed by his chief of staff, Marc-André Blanchard, along with Privy Council Clerk Michael Sabia, whose task is to ensure that Carney is kept uninformed regarding any matters or decisions that involve Brookfield or Stripe. Carney reassured the public that this ethical framework would prevent him from favoring any particular company in his duties, while retaining the ability to participate in broader discussions that may affect multiple parties.